Small and Growing Businesses

Now is the Time to Prepare for Potentially Higher Taxes on the Wealthy By Scott Montgomery

Posted May 19, 2021

On April 28, 2021, President Biden addressed the nation and outlined his plans for reforming the U.S. tax code to help pay for a proposed $2.3 trillion American Jobs Plan and a more recently unveiled $1.8 trillion American Families Plan. Whether the provisions included in the president’s plans will ultimately pass into law remains to […]

The Valuable but Often Forgotten Tool of Successful Solopreneurs and Gig Workers By Sean Deviney, CFP®*

Posted March 30, 2021

Starting a small business can be an exciting prospect for anyone seeking career and financial independence. However, the planning and processes required to achieve those goals can be quite daunting. Entrepreneurs should be concerned with not only how they will make money today, but how they will save enough to ensure a successful retirement for […]

6 Critical Financial Moves for College Athletes Heading to the Pros By Jamel Gordon, CFP®

Posted March 25, 2021

As college athletes hit the fields and the courts to showcase their talents in advance of the 2021 draft season, they and their family members should also spend some time planning for how they can best manage the windfall of money that will be heading their way when they go pro. Professional athletes’ salaries are […]

COVID-19 Relief Bill Temporarily Suspends Partial Termination Rules for 401(k) Sponsors By By Sean Deviney, CFP®

Posted January 20, 2021

The Consolidations Appropriations Act of 2021, signed into law on Dec. 27, 2020, allows 401(k) plan sponsors to avoid triggering unintended partial plan terminations when they lay off more than 20 percent of their workforce between March 13, 2020, and March 31, 2021. This provision of the new law is welcome relief to the millions […]

What’s in the Second Round of COVID-19 Relief for High-Net-Worth Business Owners? By Robert Mark Weiss, CFA

Posted January 14, 2021

The Consolidated Appropriations Act of 2021, signed into law on Dec. 27, 2020, provides a second round of economic relief to individuals, businesses and nonprofits that continue to struggle in the wake of the COVID-19 pandemic. While the law was written to support those in the most dire circumstances, it provides several generous benefits to […]

How Can Swap Powers Preserve Wealth for Future Generations? By Eric P. Zeitlin

Posted January 6, 2021

Swap powers within intentionally defective grantor trusts (IDGTs) are critical estate planning tools that may help you improve tax efficiency today while allowing you to preserve wealth for generations to come. An IDGT is an irrevocable trust that you, the grantor, can create during life to pass assets and wealth to your named beneficiaries outside […]

A Fair Inheritance is in the Eye of the Beholder By Lee F. Hediger

Posted December 16, 2020

Leaving behind a lasting legacy and providing for surviving family members in the event of an individual’s death or disability takes time, patience and consideration of a broad range of non- financial issues. While there are times when an unequal division of property among heirs is preferable, consideration should be given not only to how […]

IRS Sets Retirement Plan Contribution, Eligibility Limits for 2021 By Sean Deviney, CFP®

Posted December 2, 2020

The IRS has released its cost-of-living adjustments to the limits on retirement plan contributions for 2021, and the reviews are mixed. While more individuals qualify to make tax deductible contributions to IRAs in 2021, the dollar limit on those and other qualified retirement account contributions remain unchanged from 2020. Employer-Sponsored Retirement Plans Workers who participate […]

401(k) Plan Sponsors Must Be Careful of Unintended Partial Plan Terminations By Olga Ismail

Posted November 11, 2020

Employee terminations and extended furloughs spurred by the COVID-19 health crisis are setting off a tsunami of partial 401(k) plan terminations that employers must be prepared to address, both administratively and financially. Failure to do so may jeopardize a plan’s tax- exempt status and expose the plan sponsors to substantial tax penalties and legal claims. […]

Disaster-Relief Loans Available to Small Businesses Impacted by COVID-19 by Todd A. Moll, CFP®, CFA

Posted March 19, 2020

Federal and state governments have announced relief programs to help the nation’s 30 million small businesses suffering financial hardships in the wake of the novel coronavirus (COVID-19) pandemic. Federal Aid The Economic Injury Disaster Loan program, managed by the Small Business Administration (SBA) in tandem with U.S. state and local government, will offer up to […]

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